# The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2004, Paragraph 7: Specified financial products


(1) The financial products to which this paragraph applies are—
(a) a loan;
(b) a contract which—
(i) is a derivative contract for the purposes of Schedule 26 to the Finance Act 2002;
(ii) would be such a derivative contract if paragraph 4 of that Schedule (contracts excluded by virtue of their underlying subject matter) were omitted; or
(iii) would be a derivative contract falling within sub-paragraph (i) or (ii) if it were a contract of a company;
(c) an agreement for the sale and repurchase of securities of the kind described in paragraphs (a) to (c) of subsection (1) of section 730A of ICTA 1988;
(d) a stock lending arrangement within the meaning given by section 263B(1) of the Taxation of Chargeable Gains Act 1992;
(e) a share; and
(f) a contract, not being one of the above, which, whether alone or in combination with one or more other contracts (including any of the above), in substance represents the making of a loan, or the advancing or depositing of money, whatever its form and falls to be accounted for on that basis.
This sub-paragraph is subject to the following qualifications.
(2) This paragraph does not apply if the only financial products involved in the arrangements are one or both of the following—
(a) assets which are held within an account which satisfies the conditions in the Individual Savings Accounts Regulations 1998; and
(b) assets which are held as plan investments in a personal equity plan within the meaning of the Personal Equity Plan Regulations 1989.
(3) For the purposes of this paragraph, a contract, or a combination of contracts, falls to be accounted for as a loan, or as the advancing or depositing of money, if the person entering into the arrangements is, in accordance with generally accepted accounting practice, required to treat the contract, or the combination of contracts, as a loan, deposit or other financial asset or obligation (as to which, see section 43A(1) of ICTA 1988), or would be so required if the person were a company to which the Companies Act 1985 applied.
This is subject to the following qualification.
(4) Anything which is a finance lease for the purposes of generally accepted accounting practice does not fall to be accounted for as a loan for the purposes of this paragraph.
(5) In this paragraph “generally accepted accounting practice” has the meaning given by section 836A of ICTA 1988.

---
Source: https://www.legislation.gov.uk/uksi/2004/1863/schedule/paragraph/7 (the official version)
Page: https://openlegislation.uk/tax-avoidance-schemes-prescribed-descriptions-of-arrangements-regulations-2004/schedule/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.